Key Points
- Bitcoin miners’ daily revenue reached an all-time high on 5th March, due to a surge in daily transactions.
- Miners are reportedly selling their holdings as Bitcoin prices climb, which could potentially affect the cryptocurrency’s price.
Bitcoin Miners Witness Record Daily Revenue
Bitcoin’s price is testing new highs, and along with it, miners are seeing a surge in their daily revenue.
Data from Glassnode shows a significant spike in Bitcoin miner revenue on 5th March, with the daily miner fee reaching $75.9 million. This is the highest daily revenue since approximately April 2021.
Despite a decrease to around $62 million at the time of writing, the fee remains among the highest seen since December 2021.
Rise in Daily Transactions
The increase in fees is likely due to a surge in daily transactions. Santiment’s volume chart shows that on 6th February, Bitcoin’s volume exceeded $102 billion.
This is the first time in over a year that such a high volume has been observed. Currently, the volume stands at over $55 billion.
CryptoQuant data indicates a decline in the miner reserve as the fee increased. This suggests that miners are selling their holdings as Bitcoin prices rise. While this hasn’t yet affected Bitcoin’s price, larger declines could potentially lead to a price drop.
Bitcoin Price Trend
The Bitcoin price trend on a daily timeframe showed a pullback after surpassing $68,000 on 4th March, the first time it had reached this level in over a year.
At the time of writing, Bitcoin was trading at around $66,700, following an almost 1% increase in value. This follows a 3.6% increase observed in the previous trading session.
Furthermore, Bitcoin remains in the overbought zone, as indicated by its Relative Strength Index (RSI), which is currently close to 75.
